General Motors Corp., in a bid to strengthen its diesel engine expertise, reaches a joint venture agreement with Penske Corp. to purchase a 50% stake in diesel engine maker VM Motori SpA. Details of the transaction are not available. Cento, Italy-based VM Motori, which once was owned 51% by Penske and 49% by DaimlerChrysler AG, has decades of engine-making experience and recently was tapped by GM to assist in the joint development of an all-new 2.9L V-6 turbodiesel, which will debut in ...

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